Foreclosure
Quick Summary
A legal process where lender seeks to recover debt after default.
ELI5 Explanation
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If payments stop, the lender can use legal action to recover money from the property.
Detailed Explanation
The process varies by province and can involve title transfer or court-supervised sale. Timelines and borrower rights differ across jurisdictions.
Example
In BC, foreclosure procedure typically runs through court with redemption periods.
Why It Matters
Default remedies affect urgency and negotiation strategy.